JLL to Buy Raise Commercial Real Estate to Accelerate Leasing Tech
Jones Lang LaSalle JLL — popularly known as JLL — recently announced that it has entered into an agreement to acquire Raise Commercial Real Estate (“Raise”). Raise operates as a technology-driven brokerage, delivering client solutions via a transformative digital real estate platform. The deal, subject to customary closing conditions, is expected to close shortly.
Through this acquisition, JLL and its clients will gain access to Raise's industry-leading leasing technology, thereby further strengthening its global platform.
Raise offers a cloud-based application that helps clients and their advisors to integrate throughout all phases of the leasing lifecycle.
Built on proprietary technology, the Raise platform simplifies tasks while delivering a market-leading digital experience. This innovative technology will enhance JLL's existing leasing technology, such as Blackbird, allowing brokers to assist clients in making informed business decisions. This transaction highlights JLL's commitment to enhancing its digital leasing capabilities to foster better results for clients.
Raise was founded in San Francisco in 2016, becoming the first brokerage to create a digital platform for real estate management. Since then, it has grown rapidly by having offices throughout the United States.
JLL’s Management Commentary
Per Mihir Shah, CEO, JLL Technologies, "Acquiring Raise highlights our continued commitment to our technology strategy of delivering the best proptech innovation for the benefit of our clients. Raise's platform, combined with JLL's technology suite and advanced AI capabilities, will be invaluable in accelerating our leasing tech journey."
Per John Gates, CEO, Americas Markets of JLL, "Raise strengthens JLL's platform with market-leading technology, seasoned brokers, and elite engineers to build innovative products for the full leasing lifecycle. This acquisition advances our services, offering a best-in-class experience to our clients."
Wrapping Up
Over the past years, Jones Lang has undertaken several strategic acquisitions as part of its global growth strategy, thereby expanding its capabilities in several service offerings. The company continues to look for opportunities to invest in its business, both organically and through mergers and acquisitions.
Jones Lang’s superior client services and strategic investment in technology and innovation are expected to help grow market share and win relationships. In fact, strategic investments made on the technology front helped it well to navigate the challenging times.
Over the past six months, shares of this Zacks Rank #3 (Hold) company have rallied 37.1% compared with the industry’s upside of 21.4%.
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Stocks to Consider
Some better-ranked stocks from the operations real estate industry are CBRE Group CBRE and Kennedy-Wilson KW, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CBRE’s 2024 earnings per share is pinned at $4.75, suggesting year-over-year growth of 23.7%.
The Zacks Consensus Estimate for KW’s ongoing year’s earnings per share stands at $2.96, indicating a significant increase from the year-ago reported figure.
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